Establishing and asserting property rights to your digital assets in the markets is now easier thanks to Bitmark’s recently introduced white paper that seeks to define property in the digital space. Digital assets include video, music, original photography, online papers, data and digital art among others.

The white paper rigorously articulates the importance of digital property ownership from a historical angle. The driving force behind this development is the growth of the internet in recent years. As the internet doubles in size every 24 months, it is no longer tenable to turn a blind eye to the harm brought about by ambiguous property rights.

What is Bitmark all about?

Let’s look at some basic info about Bitmark.

Bitmark is one of blockchain’s many startups. It is a cryptocurrency whose aim is to allow you to convert your digital assets and personal data into unique property. This is achieved using specialized blockchain technology. Before Bitmark, it was difficult to identify and establish ownership of digital files. Now, thanks to Bitmark, a digital file can be “marked” as one-of-a-kind and its ownership ensured.

Decentralized system

Since Bitmark is a decentralized platform, it means that anyone on the internet can actively participate. It was derived from Bitcoin almost three years ago. This means it is mined in pretty much the same fashion as a Bitcoin is mined. Every single Bitmark property can be uniquely identified and fully encrypted. This makes it impossible to forge its ownership history.

Transfer of property

Bitmark uses a secured peer-to-peer system to enable users to sell or transfer property. Through this system, digital property is owned through titles called “bitmarks” and can be sold just as easily as physical property. Through Bitmark, anyone can exert control over his or her data and be a full-fledged participant in the ever growing data economy.

Easy to use software

The developers of Bitmark focused on giving the software features that would be easy to use without unnecessary bloat. This will give anyone with a computer and internet access an opportunity to be a partaker in this system. The coin has a block time of 2 minutes, and a block maturity of 1 day (720 blocks).

Bottom line

It is clear that the winds of change are blowing towards a transformed personal data ownership system. Through the Bitmark initiative, the digital property market is transforming itself into an open and vibrant economy that has the potential to lead to another wave of prosperity. What has always been considered a social liability is now set to become an undeniably viable asset class.